WorldStores, the UK online furniture retailer, is to launch a next day delivery service after receiving £25 million in investment from a consortium led by Goldman Sachs Merchant Banking Division.

GENERAL MERCHANDISE

WorldStores to launch next day delivery after receiving Goldman Sachs led funding

4 March 2015 | by The Retail Bulletin

The funding will be used to create a fleet of delivery vehicles to enable next-day delivery of large items such as furniture. The service will be available to 90% of the UK population seven days a week.

WorldStores will also use the investment to grow its Casafina membership platform and to develop its technology platform and product offering.

Richard Tucker, co-chief executive and co-founder of WorldStores, said: “We are very excited by the opportunities ahead and delighted to have such a strong investor base to support our growth strategy. We will now build on our leading position in the UK online home and living market to offer our customers a continuously improving service and value proposition. This new funding round also enables us to further scale-up our flash sales business Casafina which has quickly established itself as a trusted brand following its launch in late 2013.”

David Reis, executive director and head of technology investments at Goldman Sachs MBD in Europe, will join the advisory board of WorldStores as part of the funding round.

Andrew Wolff, managing director and head of Goldman Sachs MBD for Europe, Middle East, Africa and co-head of Asia, said: “We have been impressed by the success of WorldStores and are pleased to back such a high-quality founder led management team. We see favourable dynamics in the UK online furniture market and share the management team’s vision to strengthen the company’s leadership position and deliver value to its customers.”

WorldStores’ existing investor base, which includes Balderton Capital, Advent Ventures and Serena Capital, also participated in the funding round.